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China pledges to allow more foreign investment in financial sector by year-end

2018-04-12 09:35:27       source:CNBC

April 11, 2018

China laid out a clearer timetable on Wednesday for opening its financial sector to more foreign investment by the end of 2018, as Beijing looks to fend off growing criticism from the United States and others that it unfairly limits competition.

People's Bank of China (PBOC) Governor Yi Gang said that China will allow foreign firms to compete on an equal footing with domestic companies in the sector.

Though the specific details offered were mostly incremental and repeated previous pledges, China for the first time said it would implement a number of the measures by the end of this year, with some steps promised to be put in place as early as June.

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